Malcolm Glazer, the New York billionaire who led a controversial takeover of Manchester United in 2005, has died at the age of 86.

Glazer acquisition of Manchester United in May 2005 for £790m was largely funded by loans secured against the club’s assets, which was hugely unpopular with fans of the club.

However, despite putting the club into hundreds of millions of pounds in debt and Glazer never stepping foot inside Old Trafford, under the Glazer family’s ownership Manchester United won five Premier League titles as well as the champions League.

Glazer’s sons Joel and Avram took over day-to-day control of the club in April 2006 after their father suffered a stroke.

The family’s 90% share of the club will be divided evenly among Glazer’s six children, with 10% listed on the new York Stock Exchange (NYSE).

Glazer was also the owner of the American football team the Tampa Bay Buccaneers, as well as an investor in a wide portfolio in other companies from a restaurant chain to motorcycle manufacturer Harley Davidson.

Glazer, who was estimated by Forbes magazine to have a net worth of $4 billion is survived by his wife Linda, his six children and 14 grandchildren.

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